ICON plc(ICLR) Prnewswire·2025-02-14 10:45Core Viewpoint - A class action securities lawsuit has been filed against ICON Public Limited Company, alleging securities fraud that negatively impacted investors between July 27, 2023, and October 23, 2024 [1][2]. Group 1: Allegations of Fraud - The lawsuit claims that ICON suffered a material loss of business due to customer cost reduction measures and funding limitations affecting its client base [2]. - It is alleged that ICON's service offerings were inadequate to protect the company from a significant market downturn [2]. - The requests for proposals from biotechnology customers were reportedly used as price discovery tools, not reflecting actual client demand [2]. - Customers of ICON are said to have canceled contracts, limited engagements, and delayed clinical trial work, impacting new contracts for 2024 [2]. - The two largest customers of ICON were diversifying their clinical research organization providers away from the company [2]. - As a result of these issues, ICON's reported business metrics misrepresented actual client demand for its services [2]. - The company was tracking significantly below its 2024 revenue and EPS guidance, which lacked a reasonable factual basis [2]. Group 2: Legal Process and Participation - Investors who suffered losses during the relevant time frame have until April 11, 2025, to request to be appointed as lead plaintiff [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees [3]. Group 3: Firm Background - Levi & Korsinsky has a history of securing hundreds of millions of dollars for shareholders and has extensive expertise in complex securities litigation [4]. - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as a leading securities litigation firm in the U.S. [4].